Myers Park Real Estate Update
Data acquired from the CMLS 4/1/2010 – 4/30/2010
Sales were up considerably in Myers Park for the month of April over last year. April 2009 saw only three closings yielding an average sales price of $944,666. This April, sales more than tripled with ten closings yielding an average sales price of $850,450. While the average sales price dropped 10%, a closer look reveals that the average price per square foot was more the fault than buyers purchasing smaller properties.
In April 2007, buyers were paying an average of $282 per square foot to live in Myers Park. In 2009, that number dropped to $265. Based on the most recent sales in the neighborhood, the average price per square foot has fallen to $248. On a 3,000 square foot colonial on an average sized lot, the drop amounts to a $102,000 price decrease from just three years ago.
Sellers received 86% of their original asking price, with one home in particular, 2854 Sharon, receiving only 57% of the sellers original $1,525,000 asking price. As one might expect given the price point of Myers Park, cash or conventional financing typically dominates as the buyer’s preferred method of financing. In April, every buyer utilized a conventional loan, with four sellers providing buyer concessions averaging $4614.
Forty-three homes were added to the available inventory in April, just two less than were added in March, bringing the total inventory of single family homes to 189. Of the available inventory, only four single family listings are bank-owned and four are pre-foreclosures. According to the Realist tax database, there are 101 active pre-foreclosures in the 28211 and 28207 zip codes (which encompass more than just Myers Park) with 13 new NOD’s filed in April.
The same database revealed that since January in Myers Park and surrounding neighborhoods, there are 25 bank owned foreclosed properties with five added since April 1, 2010.
With housing inventories in Myers Park hitting their seasonal high (over 18 months), it is critical for sellers to price aggressively as falling house prices will result in the possible price the seller will receive decreases daily. Buyers are out in force in Myers Park and are not just lured to the bank-owned foreclosure sales or the short sale / pre-foreclosures.
Looking for a home in Myers Park or have a home that you need to sell? Please let us know as my team would love to assist in your next move.